ttd-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 10-Q

______________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-37879

______________________________

THE TRADE DESK, INC.

(Exact name of registrant as specified in its charter)

______________________________


Nevada			27-1887399
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

42 N. Chestnut Street

Ventura, California 93001

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (805) 585-3434

N/A

(Former name, former address and former fiscal year, if changed since last report)

______________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, par value $0.000001 per share

TTD

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of April 30, 2026, the registrant had 426,999,732 shares of Class A common stock and 43,108,629 shares of Class B common stock outstanding.


		Page
Part I.	FINANCIAL INFORMATION	3
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets as of March 3 1 , 202 6 and December 31, 202 5	3
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31 , 202 6 and 202 5	4
	Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 3 1 , 202 6 and 202 5	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 6 and 202 5	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29
Part II.	OTHER INFORMATION	31
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 5.	Other Information	57
Item 6.	Exhibits	58
Signatures		59


	As of March 31, 2026		As of December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	878,377	$	658,175
Short-term investments, net	527,538		644,882
Accounts receivable, net of allowance for credit losses of $16,225 and $12,199 as of March 31, 2026 and December 31, 2025, respectively	3,323,673		3,770,194
Prepaid expenses and other current assets	132,075		187,753
TOTAL CURRENT ASSETS	4,861,663		5,261,004
Property and equipment, net	389,385		396,819
Operating lease assets	326,285		342,042
Deferred income taxes	55,700		55,700
Other assets, non-current	101,351		97,655
TOTAL ASSETS	$	5,734,384	$	6,153,220
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable	$	2,633,030	$	3,007,651
Accrued expenses and other current liabilities	179,907		181,991
Operating lease liabilities	77,505		76,355
TOTAL CURRENT LIABILITIES	2,890,442		3,265,997
Operating lease liabilities, non-current	346,070		359,975
Other liabilities, non-current	44,386		42,857
TOTAL LIABILITIES	3,280,898		3,668,829
Commitments and contingencies (Note 11)
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.000001; 100,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and December 31, 2025	—		—
Common stock, par value $0.000001 Class A, 1,000,000 shares authorized; 427,890 and 432,814 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively Class B, 95,000 shares authorized; 43,109 and 43,109 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—		—
Additional paid-in capital	3,178,436		3,075,303
Accumulated deficit	(724,950)		(590,912)
TOTAL STOCKHOLDERS’ EQUITY	2,453,486		2,484,391
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	5,734,384	$	6,153,220


	Three Months Ended March 31,
	2026		2025
Revenue	$	688,857	$	616,021
Operating expenses:
Platform operations	181,970		142,839
Sales and marketing	172,179		152,743
Technology and development	142,720		132,402
General and administrative	125,341		133,585
Total operating expenses	622,210		561,569
Income from operations	66,647		54,452
Other expense (income):
Interest income, net	(13,369)		(20,132)
Foreign currency exchange loss (gain), net	1,058		(1,185)
Total other income, net	(12,311)		(21,317)
Income before income taxes	78,958		75,769
Provision for income taxes	38,961		25,091
Net income	$	39,997	$	50,678
Earnings per share:
Basic	$	0.08	$	0.10
Diluted	$	0.08	$	0.10
Weighted-average shares outstanding:
Basic	474,663		494,927
Diluted	476,883		502,944


	Class A and B Common Stock			Additional Paid-In Capital		Retained Earnings (Accumulated Deficit)		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2024	496,101	$	—	$	2,594,896	$	354,249	$	2,949,145
Exercise of common stock options	597	—		6,478		—		6,478
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	782	—		(29,457)		—		(29,457)
Issuance of common stock relating to business acquisition	127	—		10,299		—		10,299
Repurchases of Class A common stock	(6,288)	—		—		(400,409)		(400,409)
Stock-based compensation	—	—		129,950		—		129,950
Net income	—	—		—		50,678		50,678
Balance as of March 31, 2025	491,319	$	—	$	2,712,166	$	4,518	$	2,716,684














Balance as of December 31, 2025	475,923	$	—	$	3,075,303	$	(590,912)	$	2,484,391
Exercise of common stock options	346	—		3,046		—		3,046
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	1,830	—		(10,649)		—		(10,649)

Repurchases of Class A common stock	(7,100)	—		—		(174,035)		(174,035)
Stock-based compensation	—	—		110,736		—		110,736
Net income	—	—		—		39,997		39,997
Balance as of March 31, 2026	470,999	$	—	$	3,178,436	$	(724,950)	$	2,453,486


	Three Months Ended March 31,
	2026		2025
OPERATING ACTIVITIES:
Net income	$	39,997	$	50,678
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	31,431		23,985
Stock-based compensation expense	109,046		128,253

Noncash lease expense	18,640		16,962
Provision for expected credit losses on accounts receivable	4,026		492

Other	6,302		(11,876)
Changes in operating assets and liabilities:
Accounts receivable	429,285		282,336
Prepaid expenses and other current and non-current assets	58,531		20,018
Accounts payable	(279,385)		(234,666)
Accrued expenses and other current and non-current liabilities	(8,951)		29,105
Operating lease liabilities	(17,117)		(13,854)
Net cash provided by operating activities	391,805		291,433
INVESTING ACTIVITIES:
Purchases of investments	(122,061)		(231,580)

Maturities of investments	238,297		165,114
Purchases of property and equipment	(112,741)		(59,113)
Capitalized software development costs	(3,029)		(2,660)
Business acquisition	—		(4,350)
Net cash provided by (used in) investing activities	466		(132,589)
FINANCING ACTIVITIES:


Repurchases of Class A common stock	(163,514)		(386,250)
Proceeds from exercise of stock options	2,094		7,940

Taxes paid relating to net settlement of restricted stock	(10,649)		(31,452)

Net cash used in financing activities	(172,069)		(409,762)
Increase (decrease) in cash and cash equivalents	220,202		(250,918)
Cash and cash equivalents—Beginning of period	658,175		1,369,463
Cash and cash equivalents—End of period	$	878,377	$	1,118,545
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for operating lease liabilities	$	20,599	$	16,819
Operating lease assets obtained in exchange for operating lease liabilities	$	5,941	$	32,304
Capitalized assets financed by accounts payable	$	10,190	$	22,011
Repurchases of Class A common stock in accrued expenses and other current and non-current liabilities	$	10,521	$	16,059
Tenant improvements paid by lessor	$	1,548	$	5,144
Assets acquired in a business combination, included in other assets, non-current, in exchange for Class A common stock	$	—	$	10,299


Stock-based compensation included in capitalized software development costs	$	1,690	$	1,697


	As of March 31, 2026
	Cash and Cash Equivalents		Short-Term Investments, Net		Total
Cash	$	334,636	$	—	$	334,636
Level 1:
Money market funds	456,389		—		456,389
Level 2:
Commercial paper	73,376		69,507		142,883
Corporate debt securities	—		266,393		266,393
U.S. government and agency securities	13,976		191,638		205,614
Total	$	878,377	$	527,538	$	1,405,915


	As of December 31, 2025
	Cash and Cash Equivalents		Short-Term Investments, Net		Total
Cash	$	240,916	$	—	$	240,916
Level 1:
Money market funds	306,658		—		306,658
Level 2:
Commercial paper	83,180		133,222		216,402
Corporate debt securities	—		358,919		358,919
U.S. government and agency securities	27,421		152,741		180,162
Total	$	658,175	$	644,882	$	1,303,057


	March 31, 2026
Due in one year	$	465,260
Due in one to two years	62,278
Total	$	527,538


	Shares Under Options (in thousands)	Weighted- Average Exercise Price
Outstanding as of December 31, 2025	11,209	$	47.09
Granted	2,676	25.30
Exercised	(346)	10.23
Expired/Forfeited	(918)	63.07
Outstanding as of March 31, 2026	12,621	$	42.32
Exercisable as of March 31, 2026	5,939	$	39.20


	Shares (in thousands)	Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2025	11,608	$	63.63
Granted	5,650	33.26
Vested	(1,178)	66.07
Forfeited	(558)	58.50
Unvested as of March 31, 2026	15,522	$	52.57


	Three Months Ended March 31,
	Dollars				Change
	2026		2025		$		%

	(in thousands, except percentages)
Revenue	$	688,857	$	616,021	$	72,836	12	%
Net income	$	39,997	$	50,678	$	(10,681)	(21)	%

Adjusted EBITDA(1)	$	206,066	$	207,875	$	(1,809)	(1)	%
___________
(1) To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we present Adjusted EBITDA, which is a Non-GAAP financial measure. Additional information can be found in “— Non-GAAP Financial Measures” below, including reconciliations of Adjusted EBITDA to the corresponding GAAP measure of net income.

SEC Form 10-Q filed by The Trade Desk Inc.